first credit card limit !

Star81

Hey there, I'm new to all this money malarky but am thinking of getting a credit card to make some large payments. I haven't had a credit card before so am unsure how they work but what is likelyt to be the credit limit on a new credit card? I'll be needing to get access to around £8,000 so it's no use if a credit card will only give me a small amount. Any help is gratefully received thank you

[Deleted User]

It will vary. Maybe a couple of hundred, may a few thousand.

Depends entirely on your circumstances.

Jlawson118

My first card was an Aqua card, they allowed for me to borrow £300 and when they could see I managed my credit well, they improved this to £1050.

I later got a credit card with Lloyds Bank who gave me a £750 credit limit and even after eight months of having the card, they still wouldn't let me increase this limit.

I now have a Barclaycard reward card who straight away gave me a £3500 limit, alongside a First Direct one with £1000 on there.

It all depends on your financial status and the lender's rules on how much they want to lend you

DCFC79

Woah £8k, depends if the card companies like you as a customer.

Can you not buy some of the items using cash ?

What are the items ?

shortcrust

I've had loads of credit cards over the years and only two of them gave me starting limits over 8k. I think the first one was 1000.

PeacefulWaters

My first credit card gave me a £250 limit in 1986.

My most recent gave me £12,000 last week.

Windofchange

If you have no credit history, the chances of you getting 8k are pretty much non existent. My first card they started me at £750, and it took a number of years to get to the point where I was getting 8k or more. As you can tell from my signature, I have been a regular (and good) customer over the years.

I took out a new Virgin card last week, and my credit limit is 9k, but this is with an unblemished 20 year credit history, and a 5/5 credit score. Would you be better going down the personal loan route? At least you can then specify what you want and see if anyone will give it to you.

Superscrooge

I'd be surprised if any lender would risk £8k on someone who had never had a credit card before. Usually they start you on lower credit limits and then increase them after 3-6 months of satisfactory use.

Sncjw

I got 2k as my first limit. I went to my bank and I only requested 1k which is my monthly income. My credit history was mainly from my phone bill.

I very much doubt first limit will be 8k. Do you have any credit history and what's your income

Missus_Hyde

Star81 wrote: »

Hey there, I'm new to all this money malarky but am thinking of getting a credit card to make some large payments. I haven't had a credit card before so am unsure how they work but what is likelyt to be the credit limit on a new credit card? I'll be needing to get access to around £8,000 so it's no use if a credit card will only give me a small amount. Any help is gratefully received thank you

I think you would be extremely lucky to get a credit card with an £8000 limit, having never held one before. It's fairly unlikely that you would be accepted for any of the prime lender cards and the subprime ones tend to start with a low limit, until you've used them and proved that you can manage credit successfully (with perfect justification.)

Perhaps it would be better for you to try and obtain a loan for your £8000; it's possible that the interest rate may be more favourable too.

ceb1995

my first card was an aqua card with a £300 rate back in march (i was working part time so couldnt get one with lloyds who i bank with).
Then got one from lloyds in september who offered me I think £500 (it has a £12 a year fee attached to it but has points attached, then upped it to 1k, then this month they upped it to 2.5k. I can't see them offering me much higher in the future though (i earn 12k a year so was shocked they even offered my latest increased although i use my card sensibly and pay the statement amount back in full each month despite it being interest free).
Perhaps a low rate loan is a better option for you?